Joint Efforts to Boost Growth in Yangtze River Valley

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Last updated at: (Beijing Time) Tuesday, April 15, 2003

Joint Efforts to Boost Growth in Yangtze River Valley

Shanghai and southwest China's Sichuan Province have agreed to promote full-scale cooperation in a bid to stimulate economic development in the Yangtze River valley.

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Shanghai and southwest China's Sichuan Province have agreed to promote full-scale cooperation in a bid to stimulate economic development in the Yangtze River valley.

Sichuan has promoted some 146 cooperation projects at an investment fair held in Shanghai, with investment totaling over 30 billion yuan (3.61 billion US dollars).

Shanghai and Sichuan, which are at the head and mouth of the Yangtze River respectively, had huge potential to tap by exploiting each other's strong points, said Zhang Xuezhong, secretary of the Sichuan Provincial Committee of the Communist Party of China.

According to Sichuan provincial statistics, Shanghai has launched 178 cooperation projects in Sichuan with investment totaling 6.67 billion yuan (804 million US dollars).

In 2002, Sichuan absorbed investment totaling 1.09 billion yuan(131 million US dollars) from Shanghai, or 6.12 percent of the province's total investment from other domestic provinces and places, involving sectors of industry, commerce, service, real estate, trade, securities and bonds, garments and cosmetics.

Meanwhile, the vast market potential in Shanghai has also absorbed increasing investment from Sichuan.

More than 200 enterprises from Sichuan have launched cooperation projects in Shanghai, involving the sectors of electronic information, garments, trade, real estate, securities and bonds, restaurants and beverages.

Some economic giants from Sichuan such as the Changhong Group, the Eastern Hope Group, the Xinglida Group have invested heavily in Shanghai.

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